Law of Contracts - Champions School of Real Estate

Law of Contracts - Champions School of Real Estate Exam Questions
And Corretc Answers (100% pass)



TERLA - Texas Real Estate License Act



- Came into being in 1939



TREC - Texas Real Estate Commission



- Creation in 1949 to administer/enforce TERLA



Real Estate Center - At Texas A&M University



- Creation in 1970



TREC-Promulgated Forms/Leases: One-to-Four Family Residential Contract (Resale)



- New Home Contract (Completed Construction)



- Residential Condo Contract (Resale)



- New Home Contract (Incomplete Construction)



- Unimproved Property Contract



- Farm and Ranch

, Note: TREC has adopted contract addenda and other forms, included on The page 18



Four categories of unlawful trade practices are: - Answer 1 - Misleading or deceptive
conduct engaged in by any person that was relied upon by the consumer to the
consumer's detriment



2 - Breach of express or implied warranties



3 - Violation of the Texas Insurance Code (Chpt 51)



4 - An unconscionable action or course of action by any person



Physical Characteristics of Land - Answer - Indestructibility: cannot be destroyed



- Immobility: cannot be moved



- Non-homogeneity: no two parcels are the same



Economic Characteristics of Land - Answer - Scarcity: supply and demand



- Modification: value is affected by man made changes



- Fixity: additions take long periods of time to pay



- Situs: location, location, location



Which of the following is a prerequisite for the Texas real estate sales agent license? -